We are closing at the bottom of a very ugly candlestick, which suggests that we have much further to go. We are closing right around the $1800 level, as well as the 50 day EMA and the 200 day EMA. It would not be overly surprising to see a little bit of a bounce from here, simply because we had fallen so hard, losing over $30 an ounce.
There is the negative correlation with the US dollar, and the US dollar did have a positive session. However, the selloff in the gold market is far beyond what is warranted due to the Forex influence. There is something bigger going on here, and it is obvious that gold is not a preferred asset at the moment.
Sometimes it is easier to trade what is instead of what should be, and this might be one of those times . Regardless, the most important thing on this chart right now is recognize that the big candlestick like this very rarely happens as a “one-off.”
Source: News Formal (newsformal.com)
That and the P5 rare statement
shine gold
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